ISLAMABAD, Sept 19: The volume of bilateral trade between Pakistan and China will reach $15 billion mark in the next five years from the existing $5.2 billion under the free trade agreement (FTA) effective from July 1.

The comprehensive FTA, which covers trade in goods and investment would benefit traders from both the countries equally, said Ambassador of China to Pakistan Luo Zhaohui while speaking to traders at the Islamabad Chamber of Commerce and Industry here on Wednesday.

The envoy assured Pakistan of all possible and unconditional cooperation of his country for enhancing trade and economic cooperation and expressed satisfaction over Islamabad’s economic situation.

Mr Zhaohui stated that Pakistan and China’s cooperation stands on four pillars — trade and economic coordination, people-to-people contact, defence and strategic cooperation and political relations.

“We should do more to cement bilateral ties,” he added.

He pointed out that Pakistan offers lucrative and business-friendly policies, besides there was a conducive environment for foreign investment and there was no restriction on repatriation of capital and profit in the business ventures undertaken by foreign investors.

He said both the countries should closely collaborate in many areas, which would further deepen the historic friendship between our two brotherly countries.

He expressed satisfaction over increased trade between the two countries and said investment environment in Pakistan was very good and Chinese could take part without any fear.

“Chinese want to invest in Pakistan in various sectors, especially auto, information technology, agriculture sector, upgradation of industries, rail links and power generation projects,” he said.

On a question from the business community regarding visa issuance, the Chinese visa counselor said that the Chinese government would relax visa policy for genuine business community of Pakistan.

During the meeting, Nasir Khan referred to excellent cooperation in economic development between Pakistan and China.

He added that FTA would also increase bilateral trade and Chinese can invest particularly in the areas of infrastructure development, such as railroads, communications, highways, farm to market roads, water security, and human capital development.